Apple Stock News: Car Speculation Builds Up Again

Apple Stock News

Speculation over a potential Apple Car built up again last week after another hire in the automotive industry and rumors of cooperation with BMW. On Monday, Apple hired former Chrysler executive Doug Betts, according to the Wall Street Journal. His hire was only the latest in a string of automotive hires over the last few months. Now, a German magazine has reported that Apple is hoping to base its own vehicle on BMW’s i3.

apple stock news

In February, reports surfaced that the company was working on a project codenamed Titan, with hundreds of people supposedly working on a self-driving, autonomous electric vehicle. A string of hires of people with experience either in the automotive industry or with battery technology has only led to this speculation increasing. Apple is also currently locked in a talent battle with Tesla, furthering the case that the tech company could challenge Tesla in the electric car market.

The reports that Apple is looking for help from BMW with its own electric vehicle is confusing, but still leads to increased coverage and belief of a new car project. Apple is specifically interested in the carbon-fiber reinforced shell that is used for the frame. The two companies supposedly had negotiations last fall but they have paused for now, though the companies’ respective CEOs have stayed in touch. BMW is hesitant about such a deal because it could help Apple compete with its own vehicles, but the news is still interesting for a potential auto industry shake up.

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